Following are some of the multiple choice questions on the Economics with answers that will help the students in developing their knowledge.
1. The choice between two goods or services is known as ___________________.
4. What do you need to produce other goods and services?
5. Gross Domestic Product (GDP) refers to the dollar value of all final goods, services, and structures produced anywhere in a single year for a country.
6. What is a high price a signal for?
7. When the quantity supplied is greater than the quantity demanded
8. Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.
9. A _____ economy's government makes all of the major economic decisions.
10. This type of economy discourages new ideas and new ways of doing things.
11. The thing that you give up (the next best alternative) when you make a decision is known as
12. Man-made resources used in the production process i.e. machines in a factory.
13. The term of market economy in which the productive resources are privately owned
14. Who was the writer for Wealth of Nations
15. Tools we use to make products
16. The resources required to make a product (good or service)
18. Something we pay to use fora certain amount of time
19. The study of resources such as money, materials, and labor
20. Which of the following is not a service?
21. Income set aside for unexpected expenses
22. The action of fulfilling a need for income
23. Extras that make life more enjoyable
24. Goods naturally found on the earth
25. A good made in another country and brought into the United States
26. _____________ are things that people make or use to satisfy their needs and wants.
27. ________________ are activities that satisfy people’s needs and wants.
28. ______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.
29. ________________ are people who use services or buy goods.
30. _______________ resources are materials that come from nature.
31. ______________ resources are people working to produce goods or provide services.
32. ________________ resources are the things that people use to make the goods or provide their services.
33. The good or service that you give up when you make an economic choice is called _____________________.
34. Two or more people depending on each other for goods and services is called __________________________.
35. Being an expert in one job, product, or service is called ___________________.
36. A farmer would fall under which economic activity?
37. Type of Economy where Supply and demand determine prices with little gov intervention
38. In a ______________ economic system, customs and traditions determine what and how to produce
39. In a ______________ economic system, the government owns resources and controls production, prices, and wages
42. What is a free market economy?
43. What type of economy does the United States have?
44. Which type of economy involves trading, and doesn't usually use money?
45. What is Gross Domestic Product?
49. Not being able to meet all wants at the same time
50. ____________ economic activities add value to raw materials by processing them or changing their form. Ex: wood being made into tables/furniture
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